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Am I Too Young for Life Insurance?

When you’re a young adult, the question of life insurance seems like it’s a lifetime away. Still there are solid reasons to consider a policy. If you’re married or have kids, the advantages are obvious. If not, your policy can spare your family some unexpected expenses.

If you do feel that life insurance is the right choice, the next question is whether to buy term or whole insurance. Each model has several advantages for young adults.

Term insurance is bought for a specified period of time. During that time, you are covered. Whole life policies cover you for your entire life, as long as you pay the premiums. A small portion of the amount you spend on premiums is set aside as equity. You can cash out the equity later in life, so a whole life policy is actually a long-term investment.

Term policies usually have the lowest premiums, but whole life policies can be very affordable for young adults. Later in life, you may find premiums for a whole life policy are much higher. So if you’re interested in a whole life insurance policy, it makes sense to buy young. You also could buy a term policy, however, and put your money into investments with a potential for higher returns.

Save-On Insurance Services can help you evaluate your life insurance options. To learn more or get a quote, contact us.